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valley. what does a second term for president obama mean to the economy? i will talk to two former top presidential advisers and sea if they think we can avoid the fiscal cliff. how to stay safe and find the right sectors in the mark and jamie dienl of jpmorgan chase. regulation, policy and too big to fail. the "wall street journal report" begins right now. >> here's a look at what is making news as we head to a new week on wall street. if if toward thought they would get a bounce after the election, they thought wrong. president obama's second term victory was greeted with stocks worst day of the year. the dow fell 300 points on wednesday and triple-digits on thursday and and the markets were mixed on friday. bond rating agency moody's reiterated the possibility of a downgrade if america goes over the fiscal cliff but said it would wa wait after budget negotiations. a downgrade will make it more expensive for the united states to borrow money. >>> superstorm sandy would provide an economic boost to the auto industry. 250,000 new and used cars may have been ruined by sandy. a loss that
administration. >> reporter: experts warn of serious damage to the economy if the standoff drags on. >> if three or four weeks from now they're making no progress at all, you're going to see the anxiety and the nervousness growing both in the markets and in corporate boardrooms. it's going to be a rough two months for the u.s. economy. >> reporter: and lester, as the clock ticks with the two sides still at odds, they'll try to take the first steps towards common ground on friday here at the white house when the president hosts the entire congressional leadership. >> mick viqueira, thank you. >>> tomorrow marks two weeks since sandy roared ashore here in the northeast, wiping out homes, leaving families with nowhere to go as they try to even think about how to pick up the pieces. a housing crisis that has the feds scrambling to help them. nbc's michelle frandsen is in staten island with more on that. good evening. >> reporter: good evening. this distribution center is the hub for this darkened neighborhood on staten island where people can come and get a hot meal and also much needed supplies. to
is the wrong prescription given where our economy is. >> is it on the table to talk about -- >> i made clear yesterday that raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. >> at issue here, a perfect economic storm that could have serious consequences. nbc's andrea mitchell breaks it down for you. >> reporter: the campaign was tough. victory is sweet. now comes the hard part. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in, more than half of all married couples with two children would owe and additional $4,000 in taxes a year. for those with three or more children that jumps to $4700. on top of that, the 2011 temporary payroll tax c
on the economy. but in fact, that's the part of the bargain that you have to do. and we're at historic lows on revenues. so i've always agreed to it. i voted for the simpson-bowles, i've been part of the gang of six, gang of eight. i agree that we have to go there, but how we go there is very important in terms of the incentives for capital investment in this country. and we have do it in a way that does not diminish that. >> let me turn quickly to lessons from this election and where things go beyond this negotiation over fiscal matters. senator schumer, immigration. are we going to get comprehensive immigration reform? it sounds like, if you listen to the house speaker, they've had a chang of heart, they want a comprehensive plan. is there news to be made on this? >> yeah, i think so. senator graham and i have talked, and we have resuming the talks that were broken off two years ago. we had put together a comprehensive, detailed blueprint on immigration reform. it had the real potential for bipartisan support based on the theory that most americans are for legal immigration but very much
of billions of dollars worth of cuts. and two, a tax increase. many analysts say this could plunge our economy back into a recession and lead to a sell-off in the stock market because of investors losing confidence in our government's ability to balance the budget. now the worry on this has already started, adding to the fiscal cliff concerns. europe's economy is struggling again. and here at home, apple continues to tumble. all of this leading to a 300-point drop in the dow, and a 2.5% fall on the nasdaq. cupertino-based apple down more than $22. it is now trading at a five-month low. if there is a silver lining to any of today's numbers, it's that the price of oil continues to fall. it's now at its lowest level since the summer because as the european economy suffers, the expectation is that less oil will be used there. we'll see if that comes back to affect our gas prices across the pond in the weeks to come. janelle? >> that would be welcome relief at the pump. thank you so much, scott. >>> it was one of the ugliest local battles in recent history. the seat for one san jose city council di
class and improving our economy. you know, i've got a lot of good relationships with folks both in the house and senate. i have a lot of relationships on both sides of the aisle. it hasn't always manifested itself in the kind of agreements that i'd like to see between democrats and republicans. and so i think all of us have responsibilities to see if there are things we can improve on. and i don't exempt myself from needing to do some self-reflection and see if i can improve our working relationship. there are probably going to be, still, some very sharp differences, and as i said during the campaign, there will be times where there are fights. i think those are fights that need to be had. but what i think the american people don't want to see is a focus on the next election instead of a focus on them. and i don't have another election. and michelle and i were talking last night about, you know, what an incredible honor and privilege it is to be put in this position. and there are people all across this country, millions of folks, who worked so hard to help us get elected but th
. and with the economy still limping back to health, the stakes could not be higher. president obama, a winner this afternoon, heading back to washington where voters decided he should stay for four more years. at his campaign headquarters in chicago this afternoon, mr. obama thanked staff and supporters. this, after a night of emotional celebration in his hometown of chicago, 20,000 turned out, shedding tears and sharing hugs. >> a long campaign is now over. and whether i earned your vote or not, i have listened to you. i have learned from you. and you have made me a better president. michelle, i have never loved you more. >> reporter: mixed with a little bit of humor aimed at his daughters. >> i am so proud of you guys, but i will say for now, one dog is enough. >> reporter: the president held almost 2,000 campaign events, logging miles on air force one, the candidates spending the most money in history. it is a victory at times seeming impossible, given the anemic economy, and sharply divided electorate. >> this disruptive debate here on capitol hill. >> reporter: mr. obama seemed to recogn
of large spending cuts and tax increases. >> reporter: the economy could go off that cliff. so what exactly is the fiscal cliff? it is a nightmare combination of tax hikes and spending cuts that congress and the president agreed to. to force themselves into a compromise. but so far, they have not agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve, the bush tax cuts expire. the alternative minimum tax kicks in. more than half of all married couples with two children would owe an additional $4,000 in taxes per year, for those with three children or more, that jumps to $4700. on top of that, the payroll tax cut would expire. so add on a 2% tax increase for most workers, with automatic spending cuts in a thousand government programs, including defense, medicare, extended unemployment benefits. everything but veteran's benefits and social security, and federal pensions congress says that action would act as a break on the economy, throwing it back into recession and could cause a market crash. >> people watching very closely is can the administration act
that japan's economy saw its first retraction renewed fierce that the economy may be headed for reception. >>> good news for greece, a 2013 austerity budget was approved. >>> elsewhere, apple and taiwanese smart phone maker htc settled a patent bat wl a ten-year licensing agreement. meanwhile it looks like ticketmaster is about to see a major threat to the share of the market thanks to a partnership between stubhub, paypal and aeg. >>> believe it or not, thanksgiving is less than two weeks away. so how much does it cost to host the big day? a new survey finds it will run you about $246 this year. but it looks like more people may skip seconds to get a head start on black friday shopping. toys "r" us is the latest store to announce it will open at 8:00 p.m. on thanksgiving day along with walmart and sears. >>> coming up, a massive explosion roxanne indianapolis neighborhood, plea deal time for congressman jesse jackson junior, plus your nfl highlights. those are straight ahead. you're watching "early today." >>> other stories making news "early today" in america now. we begin with what cou
a slowing economy and demand for change. >>> next to colorado, where a hearing today for james holmes, the man accused of killing 12 people and wounding dozens more in a movie theater, has been delayed because he was hospitalized. holmes reportedly ran into a jail cell wall and jumped off his bed, but there are no details about his condition. >>> well, fiscal cliff fears hit wall street wednesday. but today, bad news could come from overseas. the 17 countries that make up the eurozone are back in recession after its economy contracted for a second straight quarter. the wider eu, however, avoided the same fate, thanks mostly to last summer's olympics boost. >>> back on the street yesterday, selling picked up during president obama's media briefing about those upcoming tax cut negotiations. and today, we'll see the impact the fed has. chief ben bernanke speaks this afternoon. >>> before the bell this morning, walmart reported earnings that beat the street's estimates. retail sales dropped in october after three months of gains. >>> later today, bp is expected to announce it will pay the
to the economy. back in a moment. >>> a private school was closed following an overnight fire. saint thomas moore school on south white road. investigators say the flames broke out in an office at the school. the water from the sprinkler system poured on to the gym floor. administrators hope the floor doesn't need to be replaced. the cause of the fire is not yet known. the school plans to resume classes monday for more than 200 students. >> families who need this holiday season will have a chance to soon up for help from the local community center. hundred of people camped out overnight at sacred heart community services san jose to register for holiday food distribution program. the program expect to provide food box for thousand of families for thanksgiving and for krchris mast too. >> we are going to be preparing the food boxes next weekend. hope to have all the food in by friday the right now we have four turkeys in the freezer. so, you do the math on that one. >> another registration will take place on friday. >>> how did we all survive? twitter went down today. for a short period. san franc
is holding firm against one of the president's main campaign pledges. >> everyone wants to get our economy moving again, everyone wants to get more americans back to work again. raising tax rates will slow down our ability to create the jobs that everyone says they want. chris: in your book, the price of politics, a heck of a book. you talk about how debt negotiations fell apart the last time, we tried it in the summer of 2011. will the speaker, we just saw, have the strength to lead his party even if he has to fight for the tea party? >> their camouflage is tax reform and they're going to do that over time. so the rates could come down. the really interesting thing is when you examine the detail of this, last year they were close. they actually could have worked out some agreement and it blew up because of the president asking for more revenue and that was the limit for them. i think it is a moment of necessity to a certain extent. they can't avoid this now. chris: reporting challenge. does the president have confidence or belief that the other side, that would be mitch mcconnell, the sen
's gonna care about. i know the economy is tough and i know that the retailers need the sales and all of that but when we lose perspective about what really matters in this world, we have lost everything, i think. >> so let's shop on friday. >> i think so. >> i think you're right. i think so, too. >> unless you don't have a family to celebrate with. but people -- i don't know, are these stores going to pay employees more to work on a holiday? >> i don't know if that is the case. >> a lot of people are out of work, you need the job. it is unfortunate. i really do. >> we are going to talk about a wednesday -- is it wednesday? it is wednesday. >> winesday wednesday. >> talk about a trend. >> this has been around forever though. >> this is a trend and it is peanut birth and pickles. it is national pickle day, in case you didn't know. according to the "new york times," a old favorite it has emerged again. i guess it is the tartness and the tanginess of the pickle coupled with the peanut. >> any given morning, you and i can be found with our peanut butter. every morning we have that guy, th
the white house this afternoon about the economy and what it will take to stave off the fiscal cliff. we'll have a live report from the white house straight ahead. >> also new, a tough reprimand for member of that highly respected seal team 6. did they reveal classified information to the makers of a video game. we'll have more an that. >> and then a real drama for one of the young stars of "modern family." ariel winter removed from her home. there are some new details in the case this morning and her mother has released a statement to nbc news. we'll talk about that. >> plus, first let's get to the top stories of the morning. natalie plo ra less is at the news desk. good morning. >> good morning everyone. it is back to work for president obama today as he addresses congress about the fiscal cliff, tax increases and automatic spending cuts slated to slam the economy back into a possible recession in january if the house and senate don't intervene. partisan politics have gotten in the way on the issue as republicans refuse to hike tax rates on wealthy americans. the president is expected
are triggered. they estimate that would cause the economy to take a significant hit, raising unemployment to 9.1% by the end of next year. but the real political sticking point is taxes. the president called on congress to make tax cuts for people making less than $200,000, and making less than $250,000, and drew a line in the sand. >> i refuse to accept any approach that is not balanced. and on tuesday night, we found out the majority of americans agree with my approach. >> reporter: the president was referring to the tuesday exit poll which indicated nearly 60% of voters would support higher taxes on the wealthy.çó and while john boehner hinted at some taxes going up, he also listed some conditions. >> and it is not like there is money in social security or medicare. this has to be dealt with, so everything, everything on the revenue side and on the spending side has to be looked at. >> reporter: now brian, the white house says that social security shouldn't be a part of these negotiations. but i can tell you, republicans won't participate if social security is not. >> all right, chuck tod
. these two things will coincide, and that is the fiscal cliff to basically possibly push the u.s. economy into recession unless congress does something about it. >> is wall street basically registering its doubt and skepticism that either party can come together and resolve this? >> that's right. i think we will see compromise. already you've seen the president reach out to the other side. john boehner making comments that they also want to work together. but, again, this is the choice that we have been talking about over the last several months. spending cuts, tax increases. >> we should mention that we're also more renewed fears in europe, the greek debt crisis rearing its ugly head. >> absolutely. it's clear that greece cannot pay its bills. now we're thinking, okay, this is another pressure for the u.s. economy. so we're all waiting on some kind of compromise out of washington as well as some stability in europe. but for sure, we'll probably see some volatility going forward. doesn't really mean much, though, long-term. >> i was going to say, let's get some perspective. there was a hu
to send the economy back into a nose dive. what's your sense in washington? are both sides -- do both sides still have an appetite to play brinksmanship or is there a real desire to get this done? >> as i talk to people on capitol hill, lester, and in the administration, there is still wariness on both sides. one for the other. but there is a different attitude. they both see some room for breakthrough here. i think both sides recognize that the public has spoken lo loudly about the importance of compromise. but the public has also reaffirmed the status quo in washington. so the president is in a position, and you heard him at the end of the week insisting that tax rates for wealthy americans are going too much to go up. or taxes, more generally. so i think that's where he feels the mandate of a second term and he's going to drive a hard bar fwan. but i think he's going to try to work in a way to make it very difficult for republicans to say no to a new approach, again, undering people want something to get done on this on deficit reduction and then move on to some other issues. >> gi
economy is slow to reach people here. >> it's real. this doesn't look like it's going away any time soon because according to the government numbers, census numbers, the recession ended about two or three years ago and that's not what you're seeing here today. >> families can register for that program until 6:00 tonight. the second registration will be held next friday. you can find more information on their website, www.sacredlartscs.org. >>> happening right now, it will be a shopper's dream and simultaneously a commuter's nightmare, at least for a little while. we're talking about the 880/2 interchange. very notorious area. kristie smith is near that interchange in san jose where a ground breaking project is getting started today. kristie, good morning. >> good morning you to, jon. for drivers in the south bay, this is the best news they've heard in a long time starting with sweeping changes there right off of stevens creek, the mess where 280 meets 880. it's about to get a major makeover that will signal the end of some backups in areas where you have to slam on the breaks to make it.
it means for the state's environment and for the state's economy. we'll have those stories, and a first of its kind gas station opening up in the bay area when we see you at six. >> see you then. "nightly news" is next with
of this coming out of apple into people's pockets this morning. now, $2.5 billion into the economy is a tremendous amount of money. but really jon and marla, a fraction of what apple has stuff into the mattresses. it's in the hundreds of billions of dollar that is they have cash on hand. >> you need a big mattress to put all that in. thank you very much. >>> is it raining yet. let's get a look at the forecast. >> ceiling leaking in here. >> we'll get that fixed during the commercial break, jon. good morning to you. taking a live look at san jose. you can see the clouds. it feels like it's going to rain out there. but we'll have to hold off until later off this evening. showers creeping up into the south bay at about 5:00 p.m. but not before we hit the 70s in some cities. 67 here in san jose. san francisco, 66 degrees. we're not going to be this warm for a while. so enjoy it while it lasts. first storm comes up from the south, packing a lot of moisture. we're expecting the bulk of the moisture to come through over the course of tomorrow morning. another wave of heavy moisture tomorr
movies and its economy in the years to come. >> jeff katzenberg, i heard him say that there's something like 130,000 different frames in an animated movie. can you give us an idea of sort of the scale that we're talking here with this process? >> so you can start from the outside, as you say. there's 130,000 frames in a typical animated movie. each one of which has to be manufactured. each one of those frames probably has in the reach of 100,000 individual assets. so a typical movie involves half a billion files and 250 billion individual pixels. so that's the scale of the finished product. if you think about that product going through its hundreds and hundreds of iterations, each frame, each shot, each performance, at different stages of the production that's why we it -- it takes 60, 70 million render hours to produce a movie over its lifetime. >> now, dreamworks animation was spun out of the dreamworks live action operation, the steven spielberg and jeff katzenberg operation. hasn't live animation drown more closely together? where's the line between the two? >> that's right. >> trem
there trying to get a job, so this is going to be wonderful for the economy and for the town of livermore, absolutely. >> reporter: paragon outlet says this is the first outlet center to open in the states since 2001 and it's expected to generate $2 million a year for livermore. >> we just feel we're part of the whole livermore experience. you come out here to do a wonderful wine tasting, to have a lunch at a vineyard, to shop now, something that you didn't have quite as accessible before we came. i think it really just helps to establish livermore as a wonderful place to spend the day, the weekend, a vacation. >> reporter: the official grand opening is tomorrow at 10:00 a.m. today the major flagship stores including bloomingdales and other stores opened early. but some say the line could be as long as two hours. >> okay, true confessions. i was already there today. i went to the last call neiman marcus, but i had to leave because it was too full. >> you had to come here to work? >> i had to come to work. so i'll have to go back tomorrow. >> that guy had five bags coming out of there. >>
to vice president ping while the world's second largest economy continues to grow, president hu warned public anger over corruption is also growing and called on his 2,200 party members to be ethical. china as you may know has seen many more dissidents in recent years. >>> thank you. his itinerary is making history. president obama will become the first u.s. president to visit myanmar and cambodia. the trip marks a drama turn-around in the country's relations with america after decades of violent military rule. but exiled activists and human rights groups are likely to criticize the president's planned visit. in cambodia, he will attend the east asia summit. ? . the president is facing economic uncertainty and certainly will the rest of the year. today that translated again into another down day for your money. company that are both losing and making money. >> another rough day on wall street. we'll start with losses and they're piling up for apple. the cupertino company saw its price fall another $22. 22% below the high setback in september. adding insult to the situation, a research
decision making process, those loopholes are closed. so it's a pro-growth way. growth for the economy, it's a way of generating economic growth but at the same time generating those revenues from wealthy americans. by the way, i don't think the issue is about revenue. i think speaker boehner laid out $800 billion in revenues the last time that they met. the real issue here, in my opinion, and i meet republicans and democrats all the time, is how deeply we're going to deal with the issue of entitlements and especially the medicare program. to me, that's the key to these decisions, and discussions, and that is will the president be willing to really fundamentally change the medicare program so that it's solvent for the future. i believe if he's willing to do that, i think you're going to see a compromise here. and i think you're going to see something very -- >> on the part of democrats to touch those. i want to talk briefly about this notion of a two-step measure that speaker boehner supports a stopgap that would buy a little time until january and then pick up the harder business down the
the deficit was 25 billion. why the turnaround? improving state economy and prior budget cuts and passage of prop 30. unfortunately home burglaries are on the rise across the bay area, especially on the peninsula, san mateo residents are fed up. a surge hit east of 101 with 15 different burglaries. just this week there were serve more break-ins near the south end. you see the red dots there with the homes are. san mateo police are trying to fight the spike in burglaries, they might follow the leads of others. >> reporter: good evening, raj, they saturated both of those areas as an immediate response. we checked in with other cities that experienced similar spikes and found one success story across the bay. >> on lodia avenue where neighbors know each other by name, the rash of burglaries up to 15 in november rattled nerves, especially for the woman sandwiched between two target houses. her own home was hit before. >> a year and a half ago, it's all wound up again. it's hard. are they coming back? >> reporter: san mateo police sergeant says his officers are working hard and tracking activi
sandy after taking a strong stance on the looming fiscal cliff telling lawmakers that the economy cannot afford a tax increase on all americans. republican leaders say raising income tax rates on wealthier americans could hurt job creation. >>> after a rough closing on wednesday over those fiscal cliff fears, wall street is once again on edge this morning as new figures show the 17-nation euro zone has officially fallen back into a recession. and workers protest there are sweeping across the continent. kayla tausche is at the new york stock exchange with more. kayla, good morning. >> good morning, natalie. the congressional budget office has warned that failing to fix the $600 billion in tax and spending cuts would drive the u.s. into recession, which has been relatively strong compared to europe with rising unemployment and unrest, as well as china where big questions loom over the direction of the world's second largest economy under new leadership. president obama yesterday called for tax cuts to the middle class immediately. that followed business leaders and a big meeting there, one
to talk about the economy and jobs now that it is not a campaign issue it's back to being a reality. you have heard it a million times. we used to make things in america. manufacturing was the backbone of our country. and now it isn't. at least that's the rampant belief. tonight harry smith has some evidence to the contrary. >> reporter: the idea that american manufacturing is dead is a myth. or more accurately an outright falsehood. >> i think there is a team of great opportunity in manufacturing, there is a renaissance going on. >> reporter: mary is the ceo of the vermier corporation in iowa, a company that build a mind-boggling array of machinery sold in 70 countries around the globe. mining, farming, construction, landscaping. since her father put a simple hoist on a corn wagon, 70 years ago, vermeer has been trying to find a better way to do all kind of things. people travel through the country and they see old industrial plants and they think to themselves well america's industrial heyday is over. to which you would say what? >> i would say, let's look at the facts. and the facts a
in the bank that will protect it in case our economy goes south. jessica. >> okay, thank you, scott. >>> as congress returned to work today in washington, some democrats were pushing an unorthodox idea for coping with that so-called fiscal cliff. they're proposing letting the steep tax hikes and spending cuts take effect in the new year, which would force republicans to bargain. the white house says it wants a deal without going over the fiscal cliff. lawmakers have about seven weeks to reach a budget deal that will avoid that scenario. some fear the economic uncertainty could ignite turmoil in the financial markets or cause businesses to delay hiring and spend less. all this week the president is meeting with lawmakers and leaders in labor and business getting their input on the situation. >>> it seems to be changing by the hour. another twist in this widening scandal. two women and now two generals are under investigation in the david petraeus saga. janelle wang breaks down this complicated case in our world tonight. >> reporter: raj, the florida socialite at the center of the sca
of veterans day. meantime, our own fiscal worries remain in focus for investors and the broader economy. many business leaders urging congress to work together to resolve that fiscal cliff before it's too late. natalie? >> courtney reagan at the new york stock exchange, thank you. >>> and now for a look at what's trending today. our quick roundup of what has you talking online. judy garland's blue and white dorothy dress from "the wizard of oz" featured recently here on "today" fetched an over the rainbow bid at a hollywood memorabilia auction this weekend. it sold to an anonymous buyer for about $480,000. >>> the reported breakup of justin bieber and selena gomez dominated the internet. during an appearance on the radio show "open house party" justin was asked if he had a comment on the relationship. >> i don't know what to say. i don't know really what's really even going on in my life. so it doesn't make sense because i've not made any comment. >> and at a concert in boston, the beibs seemed to let his work do the talking with a performance of justin timberlake's anthem "cry me a river."
Search Results 0 to 31 of about 32 (some duplicates have been removed)